Rebels abandon attempt to oust six directors at Leicester City

A group of rebel shareholders has abandoned an attempted boardroom coup at Leicester City, the publicly quoted football club.

Two weeks ago, a former Leicester City director, Gilbert Kinch, requisitioned an extraordinary general meeting to oust all six of the company's non-executive directors.

Mr Kinch, who owns just more than 10 per cent of the shares, wanted to oust Leicester's chairman, Sir Rodney Walker and five others. The plan was to replace them with Mr Kinch and two former Newcastle United directors, Freddie Fletcher and Denis Cassidy.

The meeting had been set for 11 July but was called off yesterday after proxy votes indicated that the resolutions would have suffered heavy defeats.

Steve Kind, Leicester's chief executive, said: "The board is delighted with the level of support that it has received and that the overwhelming majority of shareholders who have returned proxy voting forms have voted against the resolutions."

Mr Kind said the club now wanted to concentrate on getting back into the Premier League after being relegated in May.

However, it is thought that Mr Kinch may well come back with another attempted coup. One source close to the company said: "It's all about personalities."

The action had come at a crucial stage for Leicester. It is facing the sale of some of its best players after relegation to the Nationwide Division One. It is also in the process of moving to a new stadium having sold its old Filbert Street ground.

The club also has a new manager, Micky Adams, who succeeded Dave Bassett last season.

Mr Kinch left the company in 1999 after another EGM. He has built up his shareholding in the club only recently.

The shares closed 2p lower at 16p yesterday.